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<Research>Nomura Adds LONGFOR GROUP (00960.HK) TP to $10.7, Rating Neutral
Recommend 5 Positive 5 Negative 2 |
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LONGFOR GROUP (00960.HK) reported weak 1H25 results, and saw continued pressure on gross margins in 2H25, Nomura published a research report saying. The Company's 1H25 core net profit fell by about 70% YoY to RMB1.4 billion, in line with its profit warning, mainly due to further deterioration in the profitability of its development properties. On a positive note, the Company's leverage level continued to improve; while interest-bearing debt decreased by RMB6.5 billion HoH, with its average financing cost dropping to a historical low of 3.58%. Therefore, the broker added its target price from $9.5 to $10.7, with rating at Neutral. Looking ahead, Nomura predicted the gross margin of LONGFOR GROUP's property sales segment to remain under pressure due to the low-profit status of un-booked pre-sales. AASTOCKS Financial News Website: www.aastocks.com |
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